Analyst Andrew Nowinski of Wells Fargo reiterated a Buy rating on CyberArk Software (CYBR – Research Report), boosting the price target to $500.00.
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Andrew Nowinski has given his Buy rating due to a combination of factors including CyberArk Software’s robust performance in the fourth quarter of 2024 and the optimistic guidance for fiscal year 2025. The company’s strong quarterly results surpassed expectations and management’s guidance, highlighting an impressive organic annual recurring revenue growth of approximately 22%.
Additionally, the strategic acquisition of Zilla Security is expected to enhance CyberArk’s comprehensive identity platform, covering areas such as Access, PAM, IGA, and machine identity protection. This positions the company favorably in the market, contributing to anticipated growth in ARR and free cash flow margin, both projected to be in the low-20s. Furthermore, the successful transition to a SaaS model and consistent profitability further support the Buy rating. Nowinski’s price target is set at $500, reflecting confidence in CyberArk’s future performance and market position.
In another report released today, KeyBanc also reiterated a Buy rating on the stock with a $485.00 price target.
CYBR’s price has also changed dramatically for the past six months – from $271.560 to $414.310, which is a 52.57% increase.